131
131
  • Transaction / Assets
    Mitiska REIM Buys Mondego Retail Park in Coimbra
  • Seller
    CBRE
  • Buyer
    Mitiska REIM
  • € MM
    n/a

Belgian Investor Buys Mondego Retail Park

29 January 2018

An announcement was made today stating that the Belgian real estate investor Mitiska Reim made its first investment in Portugal with the purchase of the Mondego Retail Park, located on the outskirts of Coimbra, previously owned by the US group CBRE Global Investors.

In a press release sent to the Lusa news agency, Fernando Ferreira, the director of capital markets for JLL – a real estate services and investment management firm, which represented the seller in the transactions which was finalised at the end of 2017 – stated that the investment by the Belgian company confirms that international interest in Portugal “remains very strong and that retail remains the principal destination for these investments.”

“But it also shows that investors from more and more countries are investing in Portugal and that, contrary to what happened at the beginning of this market cycle, foreign investors are widening their focus to secondary cities, with a particular focus on Coimbra,” Mr Ferreira added.

Axel Despriet, the executive director of Mitiska Reim, said in the statement that the Portuguese market “is going through an excellent moment, both in terms of the economic cycle and the real estate market.”

“In the aftermath of the economic crisis, many retailers and investors left Portugal. We are now witnessing the opposite trend, with real estate transactions nearing record highs and retailers and investors returning, attracted by the improved economic environment and very competitive risk/return opportunities,” the executive argued.

The Lusa agency contacted JLL regarding the real estate consultancy responded that “the value of the investment will remain confidential for now” and that neither the buyer nor the seller wishes to disclose it.

Occupying an area of approximately 29,000 square meters, Mondego Park is the largest retail park in the country, with 21 stores focused on clothing, decorations, home furnishing and sporting goods, as well as restaurants.

Inaugurated in July 2002 and located in the village of Taveiro, six kilometres from Coimbra, it was owned by a fund linked to CBRE Global Investors – a North American multinational, based in Los Angeles, which had run the park since 2014.

Original Story: Dinheiro Vivo – Lusa

Translation: Richard Turner